Free Lutheran Theological Seminary Corporation

Analysis

Free Lutheran Theological Seminary Corporation is a registered charity in United States, based in Plymouth, MN. It received its IRS tax-exemption ruling in November 2018, 8 years ago. Its declared purposes cover education, which this site groups under education and training. The IRS classifies it as a school under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending July 2023, Free Lutheran Theological Seminary Corporation reported income of $5.3m and spending of $5.2m, spending 98% of its income. Across the 5 years on record, from July 2019 to July 2023, income grew from $4.2m to $5.3m (+28%), an average of +6.3% a year. The sharpest change came in the year to July 2021, when income rose by 26%. Over the whole period it spent 94% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Free Lutheran Theological Seminary Corporation sits at the 90th percentile: it is larger than about 90% of them. Against every charity in United States with reported income it ranks in the 92nd percentile, and in the 92nd percentile within MN. Charities of a similar size with the same main cause include Bridges Charter School ($5.3m), Kings Christian Academy ($5.3m) and Nashville Software School Inc ($5.3m).

On its Form 990 for the period ending July 2023, revenue came from contributions and grants 50% and program service revenue 47% of the total. Compensation of current officers, directors and key employees was $413k (7.9% of expenses). Other salaries and wages came to $1.8m. At year end it held assets of $17.0m against liabilities of $6.9m, net assets of $10.1m. It reported 96 employees.